BusinessWorld (Philippines) articles from September 2000

BusinessWorld (Philippines) archives from September 2000

In the realm of the senses (Homily).
September 29, 2000... I think there's a Japanese movie by that title. I have not seen it myself. I heard it's kind of notorious, with sex and all that stuff galore. But the expression came to mind when again I had a chance recently to view a sampling of cable TV...

Rule of Law: Judicial deja vu.
September 29, 2000... They may be the lowest ranked in the judicial hierarchy, but for the overwhelming majority of people, our frontline Municipal Trial Courts are probably the agencies most responsible for the general impression concerning the quality of justice...

Fast Forward: Oh brother!
September 29, 2000... There is this popular perception that all La Sallites ever care about, aside from their girlfriends, are their cars. It is said that the parking lots around La Salle Taft have the most number of gleaming, late-model cars rivaled only by...

Fence Sitter: Introductory price.
September 29, 2000... A guest speaker who "needs no introduction" too often expects a fulsome one. The task of singing his praises is assigned to a club member who happens to be an associate, maybe even privy to a few deep secrets. While an introducer is not...

Vector: Jubilee Year challenge: Propagate the Word!
September 29, 2000... Christianity struggles to reinvent itself for the new millennium. A survey of the Christian world by Maclean's, Canada's weekly news-magazine, reveals that the slower growth in the number of Christians in North America is offset by gains...

BSP set to raise $900M for 2001 debt obligations.
September 29, 2000... The Bangko Sentral plans to raise $900 million through domestic and foreign borrowings to pay its maturing obligations next year. Bangko Sentral Gov. Rafael Buenaventura said it plans to borrow in two tranches, with the first batch of...

Dear Editor: Keeping the people poor.
September 29, 2000... Allow us to react to the letter to the editor, appearing in your September 25, 2000 issue, from the Legal Rights and Natural Resources Center-Kasama sa Kalikasan (LRC-KSK) entitled "Small community vs. giant mining firm." LRC-KSK...

Peso dips anew despite BSP intervention.
September 29, 2000... The peso's slight gains the other day proved to be a blip as it again sustained its decline at yesterday's trades - touching a new 32-month intraday low of P46.345 to the US dollar early morning, following its regional counterparts. ...

... as adjustments in peso, T-bill rate assumptions slated.
September 29, 2000... With the peso continuing to lose ground against the US greenback and pressures for higher interest rates rising, economic managers plan to adjust the assumptions on the exchange rate next year to P44.50 to the dollar from the original P42....

Newspoint: Who has guts?
September 29, 2000... A recent arrival in the Philippine Press Institute library is the spring/summer issue of Media Studies Journal, an American publication that describes itself as being intended as "a forum for scholars, journalists, and informed commentators...

BANKACCOUNTS: 'Charitable' banks.
September 29, 2000... No surprises The current hullabaloo over the P12-million "donation" of the Land Bank of the Philippines to the Department of Education, Culture and Sports (DECS), which was later used to buy expensive vehicles for the agency's top...

Zamora now says BSP forex intervention 'costly'.
September 29, 2000... Malacanang is now singing a different tune as far as options to defend the peso from speculative attacks is concerned. Executive Secretary Ronaldo B. Zamora, in a radio interview, yesterday stressed the importance of an independent...

Poor appetite for debt seen till yearend.
September 29, 2000... Lackluster demand for government debt papers in the secondary market is expected to continue until the end of the year as concerns over the State's ballooning budget deficit and the volatile exchange rate continue to create jitters, traders...

30 Orient Bank branches set to reopen by yearend.
September 29, 2000... Lucio Tan-owned Allied Banking Corp. expects to be 30 branches stronger by the end of the year when it reopens the rest of the branches of closed Orient Commercial Banking Corp. In a recent interview, president Peter B. Favila said Allied...

PCI Leasing's P750-M paper gets high ratings.
September 29, 2000... Local credit ratings agency Philippine Ratings Services Corp. (PhilRatings) recently gave an "above-average" rating on the commercial paper obligations of listed firm PCI Leasing and Finance, Inc. (PCILF). Citing the firm's "strong cash...

Thrift banks NPL ratio falls.
September 29, 2000... The thrift banking sector's bad loans ratio tapered off to an average of 11.63% of total loans last June from a high of 16.67% in the same period last year. The ratio was also an improvement over the 11.76% average last May. In a...

Demand Rates as of September 27, 2000.
September 29, 2000... The interbank demand rate weighted average was 11-1/8%, according to the Bangko Sentral treasury department. Rates quoted by 22 participating institutions ranged from 11-1/16% to 11-1/2%, with lenders outnumbering borrowers 14 to 8. Total...

Phisix racks up a 4th day of gain despite weak peso, slow trading.
September 29, 2000... Trades were again flat yesterday as the peso continued to sink to fresh lows. early trade. Even with continued jitters over the peso's volatility, the 30-company Philippine Stock Exchange composite index (Phisix) still managed to edge up...

Universities asked to offer real estate dev't courses.
September 29, 2000... The National Real Estate Association (NREA) is asking universities to offer a real estate development course to professionalize the property industry. NREA vice-president for external affairs Marcelo E. de la Cruz told BusinessWorld in...

Property investment as forex hedge.
September 29, 2000... Real state investors now have a unique window of opportunity to hedge against the depreciating peso if they can make their purchases before the higher dollar rate drastically raises the prices of property projects. "The deteriorating...

Honeycomb ceiling made possible.
September 29, 2000... An aluminum honeycomb ceiling, Elite Boxline is intended for large public buildings such as transport terminals, airports, stations, shopping malls, shops and office building lobbies. Manufactured from anodized aluminum, Elite Boxline is...

Masterlock offers new line of locks.
September 29, 2000... French firm Masterlock's titanium series padlocks is characterized by their unique ergonomic shape. Their smoothly rounded edges make them both very practical to hold and extremely easy to use. Unlike most padlocks, the cylinder is accessible...

Philrock starts major projects.
September 29, 2000... Philrock, Inc. recently announced the approval by its board of directors to increase authorized capital stock to P500 million from P200 million. This increase is necessary to accommodate the P282.6 million additional equity infusion of...

Call to end cement dumping from Taiwan, Japan mounts.
September 29, 2000... Industry clamor has been mounting against the unabated dumping or illegal entry of cement from Taiwan. At least 39 suppliers of products and services to the local cement industry formed the latest batch of entities seeking an end to...

Courtside: A winner in Raducan.
September 29, 2000... I don't know how Andreea Raducan's Sydney Olympics story will end. As I'm writing this, the Court of Arbitration for Sport (CAS) has yet to rule on an appeal she filed in an effort to reclaim one of her two gymnastics gold medals. For a...

Chess Piece: 2000 Shenyang World Cup (Part 2).
September 29, 2000... A quick recap. The Shenyang World Cup gathered 24 of the top players of the world together for a tournament from Sept. 1-13 to commemorate the city's 2,300(!) years' history. The event had the following format: The 24 entrants were split into...

New recycling system claims zero plastic waste (Potential for creating new industry in recycled products).
September 29, 2000... A new technology introduced recently in the Philippines by a South Australian firm promises zero plastic waste, while creating a new industry in recycled plastic products. This is a welcome development in Metro Manila, which in recent...

Electronics firm introduces regulator for low volt precision.
September 29, 2000... ON Semiconductor, a provider of power management solutions for wireless computing and automotive applications recently introduced the industry's first sub 1V precision adjustable shunt regulator. Developed using ON Semiconductor's analog...

RP boosts space research, participates in NASA projectn (Last of two parts).
September 29, 2000... The country's participation in phase two of NASA's Pacific Rim mission (PacRim) aims to develop the country's operational methodologies on the use of advanced remote sensing technology for three applications of national importance - food...

Conferences & Expos: Taiwan products and technology fair: Oct. 26-29, Philippine Trade and Training Center.
September 29, 2000... This trade fair at the Philippine Trade and Training Center in Pasay City will showcase the best of Taiwan industries, machinery, equipment and products. The fair is being organized in cooperation with the Taipei Economic and Cultural Office...

Smart's new system to forecast expansion needs.
September 29, 2000... Smart Communications has just fully commissioned a new P26-million network monitoring system that allows its network managers to keep track of the performance of its GSM and TACS cellular systems on a real time basis. Smart officials...

British logistics firm expands RP operations.
September 29, 2000... The British Oxygen Company Distribution Services, Inc. (BOCDSI), a worldwide provider of total logistics services and solutions, announced plans to establish an Asia-Pacific IT facility housed alongside its research and development center in...

Meralco strengthens partnership with UP.
September 29, 2000... The Manila Electric Company (Meralco) strengthens its partnership with the University of the Philippines (UP) through a P1,000,000 donation to the UP Electrical and Electronics Engineering Foundation, Inc. Meralco president and chief...

Science dep't high school scholarship now open.
September 29, 2000... Are you a graduating elementary pupil with a special aptitude in Science and Mathematical or are you in the upper 10% of your batch? A Filipino citizen and with no pending application for immigrant status in any foreign country? Not more than...

Briefs: 1st Nat'l Baby Congress.
September 29, 2000... Baby Magazine is hosing the First National Baby Congress to be held from Sept. 29, to Oct. 1 at the Ballroom of Dusit Hotel Nikko, Makati City. The three-day gathering will orient parents on the many facts of bringing up a child from...

Briefs: 'Ukol sa Persona'.
September 29, 2000... Award winning author, Fr. Roque Ferriols, S.J., will deliver a lecture "Ukol sa Persona" today, 4:30-6 p.m. at Faura Audiovisual Room, Ateneo de Manila University, Loyola Heights, Quezon City. After his lecture, the following faculty members...

Briefs: Printronix.
September 29, 2000... Printronix announces the completion of the company's "Survival of the Fittest" global search for the oldest operating line matrix printer manufactured by Printronix. The search was conducted worldwide and winners have been located in each of...

Briefs: Coffee Day.
September 29, 2000... The Japan Coffee Association has declared October 1, Sunday, as Coffee Day to commemorate the first day of coffee trading for the new crop year. According to the International Coffee Association, the new crop year begins on Oct. 1 of this...

Briefs: E-Commerce nat'l confab.
September 29, 2000... A two-day conference (Oct. 12-13) and four-day exhibit (Oct. 12-15) on E-Commerce is slated at the PICC from Oct. 12-13. Its theme, "The Global Network Economy" will be the first ever biggest gathering of commercial and non-commercial...

Briefs: Greenhills fellowship.
September 29, 2000... Greenhills Christian Fellowship South Metro is pleased to invite everyone to a Special Sunday event on Oct. 1, 10 a.m. at Worship Center and Fellowship Hall, Greenhills Christian Fellowship South Metro, Alabang-Zapote Road corner Prime St....

Briefs: Photo course.
September 29, 2000... The last basic photo course in the first semester - part of a series of photo seminars/workshops organized by the Federation of Philippine Photographers Foundation, the umbrella organization of about 40 camera clubs nationwide - will start on...

CNN goes into E-biz with Veronica Pedrosa.
September 29, 2000... Admit it. There is a certain feeling of pride whenever one happens to catch broadcaster Veronica Pedrosa anchoring the international news. Despite her distinct English accent, watching her can do wonders to the fractured Third World ego....

Take Ten: A natural trip.
September 29, 2000... I was taken aback when I realized how poor Nepal is. Poverty is everywhere. The people are poor. The cities are backward and the facilities limited indeed. Narrow streets and lanes are crowded, mostly in need of immediate repairs. Homes are...

BSP Reference Rates as of September 28, 2000.
September 29, 2000... Equivalent Equivalent Equivalent of foreign of US$1 of foreign currency in in foreign currency in Currency US Dollar currency RP peso Convertible currencies with BSP US dollar 1.000000 1.000000 46.198000 Japanese yen 0.009317...

PESO Cross Rates as of September 28, 2000.
September 29, 2000... one unit Phil Aussie Bahrain Cndn French of currency peso dollar dinar dollar franc Philippines 1.0000 0.0393 0.0082 0.0324 0.1606 Australia 25.4268 1.0000 0.2075 0.8229 4.0845 Bahrain 122.5476 4.8196 1.0000 3.9663 19.6857 ...

RP not 'plugging' right into global community.
September 29, 2000... In the seamless world created by globalization, the state and its action - or inaction - matters more, not less. For a country to successfully plug into the globalization system, the state needs to provide the right "operating system and...

Abu Sayyaf losing popular support.
September 29, 2000... Malacanang believes the Abu Sayyaf has lost the support of Sulu residents following the killing of three of its members by civilians in one town. Press Secretary Ricardo V. Puno, Jr., however, noted the government does not encourage and...

Soldier killed in MILF encounter.
September 29, 2000... One government soldier was killed, a civilian volunteer was wounded and four others remain missing after an encounter between Moro Islamic Liberation Front (MILF) rebels in Carmen, North Cotabato, and the military, the Armed Forces said. ...

Trading luxury vehicles not way out for officials.
September 29, 2000... Trading the department's luxury vehicles for cheaper models would not lessen the liability of Education officials accused of misappropriating P24 million in public funds. As far as the Blue Ribbon committee is concerned, Education...

Comelec to push computerized polls in 2001.
September 29, 2000... The Commission on Election (Comelec) will be pushing for an impartial implementation of its Automated Counting and Consolidation Results (ACCORS), or computerized polls, for next year's national and local elections. The ACCORS project...

Excise tax cut will not have dent on rising oil prices, says Zamora.
September 29, 2000... Any cut on the excise tax of socially sensitive oil product - diesel and liquefied petroleum gas - would have little effect on rising petroleum prices. Executive Secretary Ronaldo B. Zamora said even without the three percent duty on...

Port strike results in 1 death.
September 29, 2000... The labor dispute at the International Container Terminal Service, Inc. (ICTSI) yesterday escalated into violence after 300 of its striking workers stormed its office compound in Manila at 8:45 a.m. The skirmish between the strikers and...

DMCI Holdings prepares to sell Semirara Coal.
September 29, 2000... Consunji-controlled DMCI Holdings, Inc. will delist money-losing subsidiary Semirara Coal Corp. as it prepares its sale to prospective buyers. Semirara corporate secretary Crisostomo A. Uribe said the company is set to transfer all...

Senate bill seeks stricter rules on conversion of municipalities.
September 29, 2000... A bill that seeks to impose stricter criteria for the conversion of municipalities into cities was filed recently at the Senate. Senate Bill No. 2157, authored by Senator Aquilino Q. Pimentel, Jr., seeks to ensure that new cities will be...

BW's Tan hides under new law to escape prosecution.
September 29, 2000... Presidential associate and former BW Resources Corp. majority shareholder Dante T. Tan told the Justice department he could no longer be prosecuted for last year's alleged multibillion-peso stock scam with the passage of the new securities...

MacroAsia defers planned listing in Singapore bourse.
September 29, 2000... Tan-held aviation services firm MacroAsia Corp. will defer the planned secondary listing of its shares in the Singapore Stock Exchange due to the prevailing slump in the region. In an interview with reporters recently, MacroAsia president...

Meralco workers want P900M in accrued benefits.
September 29, 2000... The Meralco Employees and Workers Association (MEWA) yesterday pressed the Supreme Court to compel the Lopez-owned power firm to award P900 million in accrued benefits under its 1995 collective bargaining agreement (CBA). In an appeal,...

PSE proposes single listings.
September 29, 2000... In its bid to level the playing field for small-and medium-enterprise (SMEs) companies, the Philippine Stock Exchange (PSE) is proposing single listings once a new stock exchange is created. PSE president and chief executive officer Ramon...

Philippine Racing and union settle dispute.
September 29, 2000... Despite the labor unrest brought about by the delay in the wage increase, the Philippine Racing Commission (PRC) bowed down to requests of its workers and agreed to pay P2.35 million, representing unpaid overtime benefits from July 1994 to...

Cellular phone firms to change billing system starting October.
September 29, 2000... Starting next month, clients of cellular phone companies will be paying for every six seconds of cellular phone use, National Telecommunications Commission (NTC) chairman Joseph Santiago said. In a recent House Committee on Ways and Means...

Imelda wants trial for PLDT shares.
September 29, 2000... Former First Lady Imelda R. Marcos yesterday asked the Sandiganbayan to reconsider its decision to allow a separate trial for shares of stock in telecommunications giant Philippine Long Distance Telephone Co. (PLDT). In a motion for...

Business Case Law: Trust receipt.
September 29, 2000... An important document used in commercial transactions is the trust receipt. When a businessman imports goods, the bank that financed the transaction requires the importer to execute a trust receipt wherein the importer promises either to...

Solons' 2001 `pork barrel': P19.25B (Congressmen to get P60 million each, senators P275 million).
September 29, 2000... A total of P19.25 billion has been allocated for the legislators' so-called pork barrel in next year's P725-billion national budget. A House source said each of the 220 congressmen will be receiving P60 million and the 22 senators will...

Filipinos ready to face challenges of new economy.
September 29, 2000... CEBU CITY - Ayala Corp. president and chief executive officer Jaime Augusto Zobel de Ayala II is optimistic that Philippine business organizations are prepared to rise to the challenges presented by the new economy. "I fervently believe...

Lack of data constrains tax perk analysis.
September 29, 2000... Registration forms and other documents submitted by companies to the Board of Investments (BoI) are wanting in vital data needed in an ongoing cost-benefit analysis focused on the grant of tax perks to investors. This has constrained the...

Exemption from tariff cuts sought for petrochem sector.
September 29, 2000... The Philippines will lobby for the removal of petrochemicals from the tariff cuts program of the Association of Southeast Asian Nations (ASEAN), Trade and Industry Secretary Manuel A. Roxas II pledged. This developed after the consortium...

Oversupply cuts coconut oil prices to below $300/MT.
September 29, 2000... A burgeoning world supply of vegetable oils and abundant local coconut harvests continued to weigh down Philippine coconut oil (CNO) export prices, falling this week to below $300 per metric ton. Traders interviewed by Business-World said...

RP lacking detailed strategy for next round of WTO talks.
September 29, 2000... The Philippines has yet to come up with a detailed strategy to guide its trade negotiators in forthcoming discussions for a proposed new round of talks in the World Trade Organization (WTO). A BusinessWorld source said "what the...

Sustained selling activities blamed for soft gold prices.
September 29, 2000... World prices of gold remained soft this month at $270 per ounce due to sustained selling activities in Europe which have perpetuated an international oversupply of the precious metal, the Chamber of Mines of the Philippines (CMP) said. ...

Hearings on Central Visayas wage hike to start next week.
September 29, 2000... CEBU CITY - The Central Visayas Regional Tripartite Wages and Productivity Board will hold public consultations on the petitions filed for an across-the-board wage increase starting Oct. 6. Exequiel Sarcauga, wage board secretary, said...

TAX CLINIC.
September 29, 2000... Estate Tax Return This refers to a letter requesting on behalf of the Estate of the late Virginia Y. Yaptinchay for an extension of thirty (30) days within which to file the estate tax return pursuant to Section 90( c) of the Tax Code of...

Lucio Tan says he has cash for PNB stock offer.
September 29, 2000... Even as the National Government said it would infuse P10 billion in fresh capital into the Philippine National Bank (PNB) should Lucio C. Tan fail to recapitalize the bank, the controversial business tycoon proclaimed yesterday he would buy...

Tan presents conditions for exit from PAL.
September 29, 2000... Controversial business tycoon Lucio C. Tan has set "minimum" demands before he unloads his majority stake in Philippine Airlines, Inc. (PAL) before the year ends. Basically, the PAL chairman wants all the guarantees he and his companies...

Oil firms get cold feet, balk at raising prices.
September 29, 2000... After Caltex (Phils.), Inc. raised its pump prices by P1.20 per liter the other day, Petron Corp. and Pilipinas Shell Petroleum Corp. kept everybody at the edge of their seats by not making a move yesterday. And rather than risk losing...

RP economic managers gear for new IMF plan.
September 29, 2000... The country's economic managers have lobbied for a "wider elbow room" as they anticipate the government to enter into a new program with the International Monetary Fund (IMF). With three months to go before 2000 ends, the Estrada...

IMF-World Bank meetings end after violent protests.
September 29, 2000... PRAGUE, Czech Republic - The annual meetings of the International Monetary Fund (IMF) and the World Bank Group ended yesterday, a day earlier due in part to violent protests the other day. IMF managing director Horst Koehler, however,...

WEEKENDER: Heart association starts Doctor's Fitness program.
September 29, 2000... The Philippine Heart Association launched a week ago a new fitness program for physicians as part of its efforts to celebrate World Heart Day on September 24. In a forum, Dr. Noe Babilonia, PHA president, noted that a healthy lifestyle...

Industry association agrees with call for hike in workers' pay.
September 29, 2000... Workers in the National Capital Region (NCR) will definitely receive a wage adjustment next month after its regional wage board committed itself to issue a wage order by the Oct. 6 deadline set by President Estrada. And stressing the...

Oil exchange bill goes to back burner.
September 29, 2000... The proposal to create a National Oil Exchange Corp. (NOEC) is being pushed to the back burner by the leadership of the House of Representatives, Makati City Rep. Joker P. Arroyo said yesterday. Though 190 of the 220 congressmen have...

WEEKENDER: CONCERT: Basti, unplugged.
September 29, 2000... Silenced! The Unplugged Concert Wolfgang, et al. Sept. 30, 9 p.m. Music Museum, Greenhills Shopping Center, San Juan His eyes are hazel, and in broad daylight they look almost crystal. Normally one would consistently...

WEEKENDER: CONCERT: Singing for learning.
September 29, 2000... Legacy: A Night of Music, a Lifetime of Knowlege Basil Valdez, Ryan Cayabyab, Geneva Cruz, Jeffrey Hidalgo and the Manila Philharmonic String Ensemble Rizal Ballroom, Makati Shangri-La, Sept. 29; Captain's Bar, Mandarin Oriental,...

WEEKENDER: Silly salsa: Mambo Cafe: Reuben Gonzalez.
September 29, 2000... Those waiting and wanting to see more of Thalia - especially the men - will be in for some mild disappointment. Sure, there are generous cleavage shots here and there, some pointed references to her "garbanzos" - as actor Roland Constanzo,...

WEEKENDER: CINEMA: Cleaned and sobered: Yakapin Mo ang Umaga: Jose Javier Reyes.
September 29, 2000... Yakapin Mo ang Umaga is a notch above the usual output of this very prolific writer/director, in that he tackles what for him is an unusual subject - drug addiction - and lavishes more care and attention to detail on it than on his more...

WEEKENDER: Travel Trade East: Bohol's small wonder.
September 29, 2000... The tarsier is a rare species of primate and considered as the closest living species to man. There are three distinct species of tarsier: T. spectrum of the Celebes (Sulawesi) is the type of the genus, but there is also a Philippine form (T....